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Rate Surge Details
Freddie Mac's Primary Mortgage Market Survey reported the benchmark 30-year fixed mortgage averaging 6.38%, up from 6.22% last week and 6.65% a year ago. The 15-year fixed rate increased to 5.75% from 5.54%. Conflict in Iran continues to impact markets.
The housing market continues to show gradual improvements compared to a year ago amid recent rate volatility. Purchase and refinance applications are up year-over-year.
Influencing Factors
Mortgage rates respond to Federal Reserve actions and geopolitics, closely following the 10-year Treasury yield at 4.38% Thursday afternoon.
